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UniCredit Vice Chairman Luca Cordero di Montezemolo Resigns

MILAN – UniCredit SpA Vice Chairman Luca Cordero di Montezemolo resigned from his post Thursday, as the Italian bank moves forward with promised changes to its corporate governance that are part of a strategic plan presented in December.

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With Mr. Montezemolo's resignation, which comes the day of the bank's annual shareholders' meeting, UniCredit meets a promise to reduce its number of vice chairmen to one from the three it had until early this year. Another vice chairman stepped down in March.

Mr. Montezemolo will remain on UniCredit's board. He is a well-known Italian executive who was chairman of Ferrari NV for more than two decades until 2014. More recently, he chaired the board of Italian airline Alitalia SpA before stepping down last month.